The Iowa Economic Development Authority (IEDA) board awarded innovation funding for three Coralville start-up companies on Friday, May 19. Innovas Technologies, ProCircular, and Voxello will receive loans through IEDA’s Demonstration Fund and Iowa Innovation Acceleration Fund.
The Demonstration Fund provides financial and technical assistance to encourage high-technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time. The fund provides financial assistance to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences, and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private-sector funding.
The Iowa Innovation Acceleration Fund promotes the formation and growth of businesses that engage in the transfer of technology into competitive, profitable companies that create high-paying jobs. The funds are designed to support commercializing research, launching new startups, and accelerating private investment and industrial expansion efforts that result in significant capital investment.
Innovas Technologies was established in Coralville in 2014 and designs, engineers, manufactures, and sells automated condenser cleaning systems both domestically and internationally. The company’s approach simplifies and automates the shell and tube cleaning process ensuring the cleanliness of chillers, condensers, and heat exchanger surfaces. IEDA awarded the company a $100,000 loan from the Demonstration Fund for hiring key personnel.
ProCircular is a cybersecurity and privacy firm dedicated to protecting client data. The company evaluates current risks and provides a business-driven security strategy that fits their clients’ unique needs. ProCircular specializes in providing support local and underserved markets. IEDA awarded the company a $100,000 loan via the Demonstration Fund for hiring key personnel, equipment, and market analysis activities.
VoxelloTM provides devices and services to help caregivers improve their standard of care through better communication with impaired or disabled patients. By enhancing patient-provider communication, the company’s solutions will help hospitals and nursing facilities to reduce the rate of adverse medical events, improve evaluation metrics such as medical outcomes and patient satisfaction, and more easily meet hospital accreditation standards. The company was awarded a $250,000 loan via the Iowa Innovation Acceleration Fund primarily for product refinement.